The Markets

LONDON (Capital Markets in Africa) – The pound slumped to a two-year low as signs of economic downturn mounted in a market increasingly betting that policy makers will have to cut borrowing costs. The currency reached its weakest level since April 2017 as disappointing retail sales and suggestions that the U.K. economy could be set for its worst quarter since 2012 sapped sentiment. The bleak economic outlook is adding to risk factors for sterling, with money markets pricing in…

MAPUTO (Capital Markets in Africa) – Mozambique has put on hold plans to raise funds for its portion of Anadarko Petroleum Corp.’s $20 billion gas project, as the government tries to limit its debt sales following a default about three years ago. Empresa Nacional de Hidrocarbonetos EP, the national oil company, will revive efforts to raise $2.3 billion for the liquefied natural gas project probably later in the year, after Anadarko starts implementing it, said ENH Chief…

JOHANNESBURG (Capital Markets in Africa) – South Africa’s largest platinum-mining labor union said it will meet the nation’s top three producers on successive days next week as it starts formal negotiations for a three-year wage deal. The Association of Mineworkers and Construction Union plans to meet Anglo American Platinum Ltd. on July 9, followed by Impala Platinum Holdings Ltd. on July 10 and Sibanye Gold Ltd. the day after that, according to Secretary General Jeffrey Mphahlele. AMCU has asked for a…

LAGOS (Capital Markets in Africa) – Bharti Airtel Ltd.’s Kenyan unit increased its share of mobile-phone subscriptions for a sixth consecutive quarter after adding customers in the first three months of the year, according to data from the industry regulator. Airtel Networks Kenya Ltd. had 26.1% of subscribers, up from 23.4% in the final quarter of 2018, the Communications Authority said in its latest report. Safaricom Plc, Kenya’s biggest company by market value, lost market…

LAGOS (Capital Markets in Africa) – It’s the end of a turbulent six months for commoditymarkets that have been buffeted by powerful and conflicting forces since the start of the year. While supply disruptions have fed a bullish narrative that’s driven oil, iron ore and corn to multi-year highs, concern over the impact of the U.S.-China trade war on economic growth has supported a bear case for raw materials, especially industrial metals. The Bloomberg Commodity Spot Index eked out a…

CAIRO (Capital Markets in Africa) – South Africa’s President Cyril Ramaphosa is considering whether to back a proposal to improve troubled Eskom Holdings SOC Ltd.’s debt terms by closing polluting coal plants early to make way for renewable energy. A special purpose vehicle would lower interest rates paid by the state-owned utility by accelerating the closure of coal-fired stations, according to a person familiar with the matter who asked not to be named because the information isn’t…

ACCRA (Capital Markets in Africa) – Companies in Ghana seeking to issue bonds to meet capital needs are likely to exceed equity offerings in 2019, with the Accra bourse heading for a fall for a second straight year, according to the nation’s securities regulator. While the Ghana Stock Exchange recorded no new bond issues or equity listings from companies in the first half, three institutions plan to offer debt before the close of year totaling about 350…